Importance of insuring yourself… even at a young age. Based on Personal Experience

Importance of insuring yourself… even at a young age. Based on Personal Experience

By Corinne Palmer, Accountant, MB+M

Just married and back from an overseas extended honeymoon, we were quickly brought back to reality when Brock injured himself playing football. Wrist surgery and 16 weeks off work is not ideal to be hearing after an exciting but also expensive start to our 2019.

The first thing most people said to us was;

Does he have enough sick leave? Which was followed by our response of  “No, but we have income protection. We were both shocked at the lack of awareness that some of our close friends and family had regarding this type of insurance. 

Some people may have the perception that while you’re young, you don’t need these forms of insurances. But to us, having a sporting lifestyle and a mortgage meant that insuring ourselves was very important. Also, working alongside financial planners, I would unfortunately hear some horror stories where the financial burden could have potentially been less painful.

Because we took up these insurance policies, we were lucky enough not to be one of those stories and can thankfully say that we haven’t had to stress over finances throughout Brock’s recovery or rush his return to work. Another positive out of this, is that I now have a husband who is very good at cleaning the house !

We have many different types of insurance policies from business insurances, such as public liability and WorkCover to home and car insurance. The reason being to protect the assets we’ve worked so hard to accumulate. However, I’d argue that one of the most important forms of insurance is protecting yourself through income protection and life insurance. Because without it, maintaining your wealth and a pool of assets you have worked tirelessly to build up can become difficult. It could cause a requirement to draw on some of those assets to maintain your lifestyle in the event of not being able to work.

I think it’s safe to say the financial advisers here at MB+M would also agree with this and they are more than happy to give you some further information on insuring yourself and protecting your wealth.


Corinne Palmer

Corinne is an experienced public accountant who quietly goes about being the best at everything she puts her mind to.  Corinne is everything you come to expect a great relationship manager to be; organised, great communicator, caring and determined to do the best thing by her clients.
Corinne is passionate about ensuring her clients are covering all their bases in ensuring they are complying with the relevant rules and regulations that the ATO and other government agencies like to place upon us.  Never one to shy from a difficult challenge Corinne loves putting her mind to finding solutions to complex problems.


Our Insurance Offerings To Help Protect You and/or Your Company


At MB+M and Oz Plan we consider insurance to be an essential part of protecting your wealth and lifestyle.  The different insurances on offer are listed below.  All insurance requirements are based on individual needs and you should seek appropriate advice on a policy suited to your needs.

Life Cover – Life Cover is a lump sum cover, paid on death or diagnosis of Terminal Illness of the life insured.  Life cover is put in place to protect the Life insured beneficiaries and family in the event of death to cover existing Debt, Lifestyle and loss of income on the death of life insured.  Life Cover can be funded inside super and outside super.  Most Superannuation accounts will have a default level of cover for members.

Total Permanent Disability (TPD) Cover – Total Permanent Disability commonly referred to as TPD is a lump sum cover, paid to the life insured should they be unable to be Total Permanent Disability.  TPD cover is put in place to protect the Life insured and family in the event of permanent disability through accident or injury to cover existing Debt, Lifestyle/medical expenses and loss of income through not being able to work again.   TPD cover is important to have, as it protects your Wealth in the event that you cannot work again.  TPD Cover can be funded inside super and/or outside super.  Most Superannuation accounts will have a default level of cover for members.

Income Protection – Income Protection covers your 75% of insurable income, in the event you cannot work through injury, accident or illness.  Income Protection pays a monthly benefit to 75% of insurable income, with varying waiting periods from 14 days to 2 yrs until a benefit is paid.   Some policies offer a 3 day waiting period on accidents, which can cover your loss of income due to being unable to work.  Income Protection benefits can be paid to the life insured from 2yr through until Age 65 benefit periods.   Income Protection for some people can be their most important insurance as this protects/replaces lost income in the event of being unable to work, this is important as their income will fund existing debt, lifestyle and other expenses in their day to day life.  Income Protection Cover can be funded inside super and/or outside super and is tax deductible reducing the cost of the cover.  Most Superannuation accounts offer a level of Income Protection cover to its members.

Trauma (Living Insurance)-  Trauma cover or commonly known as Critical Illness of Living cover, provides a lump sum cover to the life insured in the event of Traumatic EventStoke, Heart attack, Cancer and Motor Neurone conditions) this cover over 40 different conditions.   Trauma cover is put in place to cover Medical expenses, debt and loss of income.  Trauma cover is paid on the diagnosis of Traumatic condition and is not based on the ability to work.   Trauma cover can only be taken outside of Super. 

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